Strong market positions in Spain and Mexico, Consistent and prudent strategy, Sound credit risk management, and Healthy operating profitability. Exposure to high economic risk through its Latin American subsidiaries, and Market risk in its portfolio of shareholdings. The ratings on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflect the bank's strong franchise in its core markets, healthy financial performance, and conservative management. BBVA's exposure to Latin America increases its risk profile and adds some volatility to results. The bid for Banca Nazionale del Lavoro SpA (BNL; BBB+/Watch Pos/A-2), if realized, will further enhance BBVA's geographic and business diversification, and expand its growth capabilities through an underdeveloped franchise. BBVA maintains a diversified and strong position in all segments of its core markets--primarily
